Sensex Falls 460 Points, Nifty Ends Near 17,100; Axis Bank Tanks 6%

Fri, 29 Apr Closing

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Indian share markets witnessed selling pressure during last hour of trade and ended on a negative note.

Benchmark indices took a U-turn and erased early gains as investors booked profits at higher levels.

At the closing bell, the BSE Sensex plunged 460 points, ending 0.8% lower.

Meanwhile, the NSE Nifty dipped 142 points, ending at 17,102.

Kotak Mahindra Bank, Sun Pharma, and HDFC Bank were among the top gainers today.

Axis Bank, Power Grid, and Wipro were among the top losers today.

The broader markets witnessed profit booking as the BSE Mid Cap index ended 0.8% lower while the BSE Small Cap index dipped 0.6%.

All sectoral indices ended in the red with stocks in the oil and gas sector, power sector, and banking sector witnessing most of the selling.

Shares of CRISIL, Reliance Industries, and Schaeffler India hit their 52-week high today.

Outside the home ground, Asian share markets extended rallies and ended on a positive note following sharp gains on Wall Street, as investors cheered solid corporate earnings.

While the Japan Exchange was closed on the national holiday of Showa Day, the Hang Seng rose by 4%. The Shanghai Composite added 2.4%.

The SGX Nifty was trading 0.7% lower at the time of writing.

Gold prices are currently trading up by 1% at Rs 51,738 per 10 grams while silver is also up by 1% at Rs 64,563 per kg.

The rupee is trading at 76.43 against the US$.

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high conviction stocks and invest consistently to see the magic of compounding.

Because 2022 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

In news from the auto ancillary space, Varroc Engineering was among the top buzzing stocks today.

Shares of Varroc Engineering surged 20% today after the company signed an agreement to sell its four-wheeler lighting business to France's Compagnie Plastic Omnium SE for 600 m euros.

This transaction will see Varroc divesting its lighting system operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey, and Morocco.

The sale will also enable Varroc to become debt-free and sharpen its focus on the India business.

The company earlier raised Rs 7 bn from qualified institutional investors to bring down its borrowings.

The Aurangabad-based auto component maker Varroc wants to transform itself into a high-tech company and focus on the existing growth of electronics, connectivity, electrical vehicles (EVs) product lines and the 2-wheeler segment globally.

After the exit, Varroc Engineering will be left with a domestic business that supplies polymer, electrical and electronic components to vehicle makers in India, primarily two-wheelers companies.

Bajaj Auto accounts for 53% of Varroc's domestic business, followed by Honda (6.2%) and Royal Enfield (3.4%).

Varroc Engineering share price ended the day up by 9%.

Speaking of smallcap stocks, lead smallcap analyst at Equitymaster Richa Agarwal discusses what to expect from smallcap stocks in 2022, in her latest video.

Is it time to be cautious when it comes to smallcaps? Will smallcap stocks outperform in fiscal 2023?

Richa answers all these questions in the video below. Tune in to find out more:

Moving on to news from the automobile sector, Hero Electric suffered production stoppage owing to global semiconductor chip shortage.

The automotive industry is still struggling with international chip shortages leading to loss of production.

Getting hit by supply-chain constraints, electric two-wheeler maker Hero Electric could not make any dispatches to dealers in the month of April.

Commenting on the situation, Hero Electric CEO, Sohinder Gill said:

• Our sales were almost doubling month-on-month and we somehow managed with sourcing from different geographies but the war (Ukraine) collapsed a major supply chain resulting in this disruption.
  
  It is like putting an emergency brake on a fast-moving train. The company has geared up alternate sources and would soon resume production.

Meanwhile, Union minister Ashwini Vaishnaw said, that to boost domestic manufacturing of semiconductors, the government expects to grant approvals to electronic chip makers in the next six to eight months.

The government has received proposals from five companies for setting up an electronic chip and display manufacturing plants with an investment of Rs 1.5 tn.

We will keep you updated from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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